Emergencies happen, and they can be expensive. If you need access to money quickly, you’re in luck: Some personal loans come with same- or next-day funding after loan approval.
Keep reading to see where you can get a personal loan with fast funding for when you need quick cash.
In this guide …
If you need fast cash, a personal loan can be a good option. Personal loans are lump-sum loans that are repaid in fixed monthly installments over a set period of time, typically a few years. The funding may be disbursed into your account on the same day you’re approved or the next business day, depending on the lender and when you apply.
The table below shows where you can find a personal loan with same-day funding.
4 fast loans with same-day funding
|Lending platform||Interest rate||Loan amount||Loan length|
|Alliant Credit Union||6.24% – 10.24% APR||$1,000 – $50,000||12 to 60 months|
|LightStream||3.99% – 19.99% APR||$5,000 – $100,000||24 to 144 months|
|Rocket Loans||7.16% – 29.99% APR||$2,000 – $45,000||36 or 60 months|
|Wells Fargo||5.74% – 24.24% APR||$3,000 – $100,000||12 to 84 months|
|* Annual percentage rate (APR) is a measure of your cost of borrowing and includes the interest rate plus other fees. Available APRs may differ based on your location. APR may include autopay discount.|
What they offer: Credit union loans with fast funding
Alliant Credit Union offers fast personal loans with same-day funding to its members. The loans can be used for virtually anything, from debt consolidation to emergency expenses. There’s no collateral required, and APRs are relatively low starting at 6.24%. Loan eligibility and interest rates are based on creditworthiness, so borrowers with good credit will have the best chances at qualifying for a fairly priced loan.
To borrow a quick loan from Alliant, you must become a member of the credit union first. Alliant bases eligibility on the following criteria:
- You live or work in an eligible community near Alliant’s headquarters in Chicago.
- You’re currently employed by or retired from a business or organization that’s partnered with Alliant.
- You’re the immediate family of a current Alliant member.
If you don’t meet any of these criteria, you can become a member of Foster Care to Success (FC2S), a nonprofit serving foster teens. Alliant will make a $5 donation to FC2S on your behalf, and you’ll become a credit union member.
What they offer: Same-day loans for excellent credit
LightStream is an online personal loan lender that caters to borrowers with good and excellent credit. Estimated APRs are as low as 3.99%, making LightStream one of the most competitive lenders in the market. The application process is quick, and borrowers may have funding disbursed into their bank accounts on the same day they’re approved.
LightStream doesn’t charge an origination fee, which may be assessed when you take out the loan and can be worth up to 8% of the loan amount.
Keep in mind that LightStream is catered toward people with good credit, defined by the FICO scoring model as 670 or above. Not all borrowers will qualify for a personal loan through LightStream, and the lender doesn’t let you check your eligibility with a soft credit check like many others do.
What they offer: Online quick loans
As the name implies, Rocket Loans specializes in issuing loans with lightning-speed funding. The application process is completely online, including income and identity verification. Eligible borrowers can get preapproved “within seconds,” according to the Rocket Loans website.
Rocket Loans may be a better personal loan option for fair-credit borrowers than the other lenders and loan marketplaces on this list. Maximum APRs are on the higher side at 29.99%, and Rocket Loans charges an origination fee of 1.00% - 6.00% of the loan amount. Loan terms are limited, with options of 36- or 60-month loans. However, Rocket Loans doesn’t charge a prepayment fee, so there’s no penalty for paying off your loan early.
What they offer: Bank loans with same-day funding
Not all banks offer personal loans, but Wells Fargo does. The bank offers fast access to funds, advertising loans that are often funded on the same or the next business day. Wells Fargo doesn’t charge an origination fee or prepayment penalty, and the terms are flexible with high loan amounts and long loan lengths.
Current Wells Fargo customers can qualify for the lowest possible APR, since the bank offers a 0.25% APR discount when you set up automatic payments from your Wells Fargo consumer checking account.
Fast personal loans are available through a number of financial institutions, including banks, credit unions and online lenders. Do your research to determine which personal loan lenders offer same-day or next-day funding, such as the ones in the table above. Then, follow these steps to apply for a fast loan:
- Check your credit score. Personal loans are issued based on a borrower’s creditworthiness, so it’s easier to qualify for one if you have good credit. If you have bad or fair credit, research lenders in your credit band or look for alternatives.
- Get prequalified without a credit check. Many lenders allow for prequalification, which lets you check your loan eligibility and potential terms, such as APR, with a soft credit pull. This doesn’t affect your credit score.
- Compare personal loan offers. If you prequalify through multiple lenders, you can shop around for the lowest possible APR for your financial situation. Be sure to consider the interest rate, origination fee, loan amount and loan length in your decision.
- Formally apply for the loan. At this point, you’ll need to show documents that prove your income and identity. The lender will also conduct a hard credit inquiry, which will temporarily affect your credit score.
- Receive your money. If you go through a lender that offers quick personal loan funding, your money may be disbursed into your account on the same business day you’re approved.
Since personal loans are unsecured and backed by your promise to repay the lender, eligibility is heavily based on your credit score. This makes it difficult for borrowers with bad credit to qualify, even for a small personal loan.
It may be possible to find a quick personal loan with bad credit from certain lenders like OneMain Financial or Upstart, which both have less stringent eligibility requirements and advertise next-day funding.
Still, personal loans can have high interest rates for bad-credit borrowers, so it’s good to consider your alternatives before signing the dotted line. Here are a few other ways to get fast cash with bad credit:
- Borrow from a friend or family member: If you need a fast loan with no credit check, you might ask for help from a family member or friend. Keep in mind that you risk jeopardizing your relationship if you fail to repay the loan on time.
- Credit union loans: Joining your local credit union is another option when you need a quick loan. Some credit unions offer payday alternative loans, which are worth up to $2,000 and have repayment terms of up to one year. APRs are capped at 28%, and the maximum application fee is $20.
- Payday advance: If you need a bit of cash to get you by until your next payday, you might ask your employer if they can offer you an advance on your paycheck. You can also check out paycheck advance apps like Earnin, which let you borrow money from your upcoming paycheck based on hours you’ve already worked, all without a credit check.